Free cash flow remains deeply negative, with a $16.4 million outflow in 2025Q4, highlighting a structural reliance on capital market interventions to fund operations.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | -33.42M | -19.55M | -12.48M | -37.1M | -29.87M | -27.54M | -41.17M | -25.98M | -20.95M | -18.28M | -16.82M | -8.56M | -6.83M | -3.76M | -4.87M |
| Operating CF Margin % | -112.75% | 271.92% | -34.46% | -776.86% | -1128.52% | -1184.43% | -1620.19% | -746.91% | -562.84% | -337.24% | -418.92% | -309.11% | -428.12% | -386.99% | -358.24% |
| Operating CF Growth % | -70.95% | -56.71% | 66.37% | -24.21% | -8.48% | 33.11% | -58.43% | -24.04% | -14.58% | -8.7% | -96.39% | -25.39% | -81.85% | 22.92% | - |
| Net Income | -23.96M | -68.13M | -39.7M | -57.04M | -47M | -33.59M | -50.91M | -30.34M | -26.14M | -21.88M | -17M | -9.56M | -8.14M | -5.33M | -5.25M |
| Depreciation & Amortization | 1.5M | 1.62M | 1.51M | 1.5M | 1.56M | 1.75M | 1.97M | 619K | 489K | 482.79K | 456.08K | 307.56K | 233.93K | 146.53K | 197.62K |
| Stock-Based Compensation | 3.54M | 4.3M | 3.3M | 3.17M | 3.2M | 2.92M | 4.32M | 1.87M | 2.6M | 1.99M | 1.29M | 252.26K | 597.96K | 451.2K | 266.26K |
| Deferred Taxes | 3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -11.1M | 42.53M | 22.78M | 15.87M | 17.07M | -5.38M | 7.04M | 1.43M | 1.19M | 713.52K | 1.36M | 941.57K | 1.05M | 1.43M | -4.24K |
| Working Capital Changes | -3.4M | 131K | -367K | -606K | -4.7M | 6.76M | -3.58M | 445K | 908K | 409.58K | -2.92M | -509.68K | -569.08K | 0 | -86.3K |
| Change in Receivables | 1.85M | -2.07M | -806K | -101K | 62K | -51K | -85K | 144K | -164K | 74.82K | -78.39K | -743 | 449 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -578K | -955K | -349K | 138K | -242K | -112K | -1.46M | 71K | -1.56M | -444.99K | -2.21M | -1.14M | -192.31K | -49.51K | 4.95M |
| Capital Expenditures | -538K | -846K | -328K | -92K | -228K | -96K | -1.09M | -416K | -1.34M | -400.1K | -1.49M | -963.26K | -196.32K | -45.39K | 0 |
| CapEx % of Revenue | 1.81% | -11.77% | 0.91% | 1.93% | 8.61% | 4.13% | 42.94% | 11.96% | 35.98% | 7.38% | 37.23% | 34.76% | 12.31% | 4.68% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -40K | -109K | -21K | 230K | -14K | -16K | -368K | 487K | -224K | -44.88K | -710.88K | -179.16K | 4.01K | -4.12K | 0 |
| Cash from Financing | 37.42M | -5.13M | 46.77M | -5.65M | -5.18M | 111.77M | 41.49M | 14.85M | 48.55M | 22.9M | 3.06M | 37.71M | -358.13K | 15.27M | 177.37K |
| Debt Issued (Net) | 38.19M | -4.16M | -3.62M | -4.74M | -3.74M | 9.17M | 12.43M | 15.07M | -1.03M | 1.22M | 2.29M | 1.19M | -365K | 0 | 151.15K |
| Equity Issued (Net) | 1.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.39K | 0 | -1.89M | 0 | 14.7K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.39K | 0 | -1.89M | -1.11M | 0 |
| Other Financing | -2.31M | -980K | 50.39M | -916K | -1.44M | 102.6M | 29.06M | -223K | 49.58M | 21.67M | 771.79K | 36.52M | 1.89M | 15.27M | 11.53K |
| Net Change in Cash | 3.01M | -25.55M | 33.9M | -42.53M | -35.23M | 84.06M | -1.11M | -11.01M | 26.15M | 4.05M | -15.98M | 32.99M | 4.98M | 12.36M | 249.66K |
| Free Cash Flow | -33.97M | -20.4M | -12.8M | -37.2M | -30.1M | -27.63M | -42.26M | -26.4M | -22.29M | -18.68M | -18.32M | -9.53M | -7.03M | -3.8M | -4.87M |
| FCF Margin % | -114.59% | 283.69% | -35.36% | -778.79% | -1137.14% | -1188.56% | -1663.12% | -758.87% | -598.82% | -344.62% | -456.15% | -343.88% | -440.43% | -391.66% | -358.24% |
| FCF Growth % | -66.53% | -59.3% | 65.58% | -23.57% | -8.92% | 34.61% | -60.07% | -18.45% | -19.29% | -2.01% | -92.22% | -35.59% | -84.84% | 21.99% | - |
| FCF per Share | -0.71 | -0.43 | -0.35 | -1.07 | -0.87 | -1.13 | -1.95 | -1.34 | -1.27 | -1.22 | -1.30 | -0.74 | -0.65 | -0.46 | -3.17 |
| FCF Conversion (FCF/Net Income) | 1.39x | 0.29x | 0.31x | 0.65x | 0.64x | 0.82x | 0.81x | 0.86x | 0.80x | 0.84x | 0.99x | 0.90x | 0.84x | 0.70x | 0.93x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding runway
According to reported financial data, NBTX consistently exhibits a significant divergence between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly, such as the 0.86 observed in 2025Q4, suggesting that accounting accruals and non-cash items frequently obscure the underlying cash-generative reality of the business.
The persistent gap between net losses and operating cash outflows indicates that the company's reported earnings are heavily influenced by non-cash accounting adjustments rather than operational efficiency. Investors should monitor this disconnect, as it implies that the company's ability to fund its clinical pipeline remains entirely dependent on external capital rather than internal cash generation.
As reported in financial statements, NBTX's free cash flow trajectory remains deeply negative, with the company recording a $16.4 million outflow in 2025Q4, highlighting a structural inability to cover clinical development costs through current milestone-based revenue streams without relying on periodic capital market interventions.
The volatility in FCF margins, which swung from 85.4% in 2024Q4 to -5.5% in 2025Q4, underscores the unpredictable nature of milestone payments. This trend suggests that the company's cash position is highly sensitive to the timing of clinical milestones, leaving little room for operational error in the current development cycle.
Based on the company's reported figures, working capital changes have been a source of significant cash flow volatility, including a $3.8 million outflow in 2025Q4, which suggests that the timing of partner payments and clinical trial expenses creates unpredictable swings in the firm's immediate liquidity position.
The erratic nature of these working capital shifts may indicate challenges in managing the timing of cash inflows from licensing partners against the steady outflow of research-related liabilities. This volatility warrants further investigation into the company's accounts receivable cycles and the reliability of milestone-linked cash receipts.
As evidenced by the cash flow statements, stock-based compensation remains a consistent non-cash expense, reaching $1.4 million in 2025Q4, which effectively masks the true economic cost of talent retention and dilutes the impact of the company's ongoing cash burn on existing shareholders.
While SBC is a standard practice in the biotech sector, its consistent presence suggests that the company's reported operating cash flow is bolstered by non-cash charges that do not reflect the full cost of operations. Analysts should adjust for these figures to better understand the true cash-based burn rate required to sustain the current clinical trial infrastructure.
Quick answers to the most common questions about buying NBTX stock.
Nanobiotix S.A. (NBTX) generated $-33.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nanobiotix S.A. (NBTX) reported negative free cash flow of $34.0M in 2025, indicating capital requirements exceeded cash from operations.
Nanobiotix S.A. (NBTX) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.